Reliance AGM Updates: Addressing the Reliance Industries Ltd’s (RIL) 44th Annual General Meeting (AGM) virtually, Mukesh Ambani on Thursday welcomed Saudi Aramco chairman and head of Kingdom’s cash-rich wealth fund PIF, Yasir Othman Al-Rumayyan on the board of Reliance Industries. He will be an independent director in a precursor to a USD 15 billion deal between RIL and Saudi Aramco. Ambani also announced the launc of JIOPHONE NEXT, a smartphone jointly developed by Google and Reliance Jio.
Ambani, who had two years back disclosed talks to sell a 20 per cent stake in the company’s oil-to-chemical (O2C) unit to Saudi Aramco, announced the appointment of Al-Rumayyan at the company’s annual meeting of shareholders.
Harvard educated, Al-Rumayyan, 51, will replace Yogendra P Trivedi, 92, who has expressed desire to retire, Ambani said at the company’s annual shareholder meeting.
On the sale of 20 per cent stake in the O2C business, he said the deal is likely to conclude this year. “We look forward to welcoming Saudi Aramco as a strategic partner in our O2C business,” he said.
RIL AGM Highights:
- I am pleased to announce that Google and Jio teams have jointly developed a truly breakthrough smartphone – JIOPHONE NEXT. It is a fully featured smartphone supporting the entire suite of applications from both Google and Jio: Mukesh Ambani
- JIOPHONE NEXT is powered by an optimized version of Android OS jointly developed by Jio and Google. It is ultra-affordable and packs cutting-edge features. It will be available in market from Ganesh Chaturthi, 10th September: Reliance Industries chairman Mukesh Ambani
- In 2016, we launched Jio with the aim of bridging Digital Divide in India. Now, in 2021, we are launching our new energy business with the aim of bridging the green energy divide in India and globally, says Mukesh Ambani at RIL AGM
- I welcome Yasir Al-Rumayyan, Chairman of Saudi Aramco and Governor of PIF, to join the Board of Reliance Industries as Independent Director. His joining our Board is also the beginning of internationalisation of Reliance: Reliance Industries Chairman Mukesh Ambani
- Our business and financial success since last Annual General Meeting has exceeded expectations. But what has given me more happiness than our business performance is RIL’s humanitarian efforts during these difficult times: Mukesh Ambani